All Forum Posts by: Eric Tan

CONGRATS @Kortez Walker

Welcome @Julian Le!

Hi @Rich Hupper

Here is the link to the BP search results for "wholesale a property that has negative equity"

https://www.biggerpockets.com/search?utf8=%E2%9C%9...

There are a handful of discussion with more than 50 replies. 
Hope this helps point you in the right direction.
Your post shows up third in the search results.

Hi @Brie Schmidt- I'll try to get the address from my friend.

If sold/refinanced/paid-off - then he would have to pay 25% of the difference between the property value at Termination (sold/refinanced/paid-off) lets say $500k vs the Loan value of $200k. 
He would have to pay 25% ($500k-$200k) = 25%($300k) = $75k

I have a friend with some weird circumstances, here's the story:

Person A can't get a loan but has income.

Person B took a loan for Person A for a duplex at 500k

Person A paid back Person B for Down payment and is paying Mortgage on time for 10 years

After the bubble burst, property price dropped to $200k

Person B did a loan modification for Property in 2014.

Loan is now $200k.

Person A now found his calling and is leaving the country.

Person B buys out Person A for $130k cash and continues paying mortgage (since its his anyway)

Loan Modification had a clause upon termination of mortgage a 25% fee is due of difference between initial loan value of $200k and current property value at termination.

Person B wants out but would want to see the $130k back somehow.

The two units are rented out for a total of $2000/month

This is in Chicago 60618.

Comps are $350k~$500k depending on condition

Taxes are about $6k annually.

Water is about $1,500 annually.

Tenants pay other utilities.

How would I help Person B (my friends uncle, Person A is family as well), at the same time get some value out of it?

Hi @Amy JohnsonI believe this topic is right up @Account Closed's alley.

Welcome to BP @Tony Davenport!

I do not do wholesale but here are the BP Search results for "wholesale boise idaho buyers list"

I hope this points you in the right direction and connect you with the right people.

https://www.biggerpockets.com/search?utf8=%E2%9C%9...

Welcome to BP @Nathan Reed! 

I do not invest in Orlando yet but here are the search results for "Orlando Vacation Rentals" I hope this points you to the right direction and to the right people to connect with.

https://www.biggerpockets.com/search?utf8=%E2%9C%9...